We employ a polaron picture to investigate the properties of the two-photon quantum Rabi model (QRM), which describes a two-level or spin-half system coupled with a single bosonic mode by a two-photon process. In the polaron picture, the coupling in the two-photon process leads to spin-related asymmetry so that the original single bosonic mode splits into two separated frequency modes for the opposite spins, which correspond to two textit{bare} polarons. Furthermore, the tunneling causes these two bare polarons to exchange their components with each other, thus leading to additional textit{induced} polarons. According to this picture, the variational ground-state wave function of the two-photon QRM can be correctly constructed, with the ground-state energy and other physical observables in good agreement with the exact numerics in all the coupling regimes. Furthermore, generalization to multiple induced polarons involving higher orders in the tunneling effect provides a systematic way to yield a rapid convergence in accuracy even around the difficult spectral collapse point. In addition, the polaron picture provides a distinctive understanding of the spectral collapse behavior, that is about the existence of discrete energy levels apart from the collapsed spectrum at the spectral collapse point. This work illustrates that the polaron picture is helpful to capture the key physics in this nonlinear light-matter interaction model and indicates that this method can be applicable to more complicated QRM-related models.
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